Gold will soar as China seeks US dollar alternatives​

Asia Times/David P. Goldman/3-2-2022

“China is looking for alternatives to the US dollar as a reserve currency after Western nations froze the foreign assets of Russia’s central bank last week, former IMF chief economist Kenneth Rogoff told media on March 1. The seizure of Russian sovereign assets has no precedent in postwar history, and sets a precedent for similar action against China in the event of hostilities over Taiwan.”

USAGOLD note: In this article, Kenneth Rogoff outlines the knock on effect of one sanction in particular – the freezing of Russia’s central bank assets. Asia Times’ Goldman goes on from there to suggest that China will increase its holdings of gold as an alternative to its $3 trillion in U.S. dollar reserves.